Liontrust shares slip after extending offer period for GAM shareholders

Gam Holding AG

28/07/2023 08:35

LONDON, July 28 (Reuters) - British asset manager
Liontrust  LIO.L  said on Friday it would extend by four days
the period for shareholders in Swiss rival GAM Holding  GAMH.S 
to sell their shares.
    Liontrust conditionally agreed to acquire GAM in May in a
deal that valued the company at 107 million Swiss francs ($124
million).
    Some GAM investors opposed the all-share offer, saying
earlier this month that it "grossly undervalues GAM", and
announced a partial counter-bid. Liontrust said on July 21 it
had made its final offer.
    The main offer period for GAM shareholders to tender their
shares will be extended by four Swiss trading days and will now
close on August 4, "to give additional time for Liontrust to
engage in constructive discussions with GAM shareholders"
Liontrust said in a statement.
    "The Liontrust offer is based on extensive due diligence, a
comprehensive understanding of GAM's financial situation and the
fact that, in Liontrust's view, GAM is not viable as a
standalone business," Liontrust said on Friday.
    Liontrust shares slipped in early trading on Friday, down
0.9% on the day at 0735 GMT. Since making the offer to GAM in
May, shares in the company have lost around a quarter of their
value.

 (Reporting by Elizabeth Howcroft and Samuel Indyk; Editing by
Amanda Cooper)
 ((Elizabeth.Howcroft@thomsonreuters.com; +44 02075427104;))